Announcement
On 9 September 2026, Orange Retail Finance India Private Limited (ORFIL), an RBI‑registered NBFC rated ICRA BBB‑ (Stable), announced the successful completion of its first listed Non‑Convertible Debenture (NCD) issuance of ₹50 crore. This issuance constitutes the first tranche of a ₹200 crore listed NCD programme for FY27 and is supported by UMI Capital. The NCD issuance is a component of a broader ₹300 crore debt‑fundraising plan for the financial year, intended to diversify the company’s funding base and lower its long‑term cost of capital.
Strategic Objectives and Targets
Orange aims to achieve ₹550 crore in assets under management (AUM) during FY27 and has outlined a five‑year roadmap to scale AUM from ₹410 crore to ₹3,000 crore by FY2031. The fundraising programme is designed to provide a structured pathway to institutional debt capital while maintaining disciplined asset‑liability management.
Business Model Transition
The company is transitioning from a legacy two‑wheeler lending portfolio to a predominantly secured retail finance model, focusing on Gold Loans, MSME Loan‑Against‑Property (LAP), and Affordable Housing Loans. The shift is aimed at expanding presence across semi‑urban and rural markets in Tamil Nadu, Andhra Pradesh, Karnataka, Telangana and Kerala, where many borrowers are first‑time users of formal credit.
Portfolio Quality Improvements
Orange reports a significant improvement in portfolio quality: gross non‑performing assets (NPA) have declined from 9.3% as of March 2024 to an estimated 2.1‑2.8% at present. The company’s capital adequacy ratio (CRAR) stands at 34%, with the latest rating review indicating a CRAR of 41%, underscoring a robust capital position.
Financial Inclusion Highlights
Women constitute 35% of Orange’s borrower base, and the firm intends to double this share as it scales its operations.
Management Strengthening
The senior management team has been reinforced with the appointment of a Chief Financial Officer, a Chief Business & Operations Officer, and a Chief Risk Officer, collectively bringing over 75 years of experience across banking, NBFCs and development finance institutions. CFO Saravanan Kandan stated that the NCD issuance is “the first of several steps to widen our funding base and lower our long‑term cost of capital.” Founder, Managing Director & CEO Ebenezer Daniel G highlighted that the transaction reflects investor confidence in the leadership team and the growth plan anchored in secured, financially inclusive lending.
Operational Footprint and Technology
ORFIL operates 58 branches across the five southern states, leveraging proprietary technology platforms ORFLend (loan origination and servicing) and FinMobi (customer application).